The Double Taxation Relief (Taxes on Income) (Ukraine) Order 1993

Article 22 Elimination of double taxation

(1) Subject to the provisions of the law of the United Kingdom regarding the allowance as a credit against United Kingdom tax of tax payable in a territory outside the United Kingdom (which shall not affect the general principle hereof):

(a) Ukraine tax payable under the laws of Ukraine and in accordance with this Convention, whether directly or by deduction, on profits, income or chargeable gains from sources within Ukraine (excluding in the case of a dividend, tax payable in Ukraine in respect of the profits out of which the dividend is paid) shall be allowed as a credit against any United Kingdom tax computed by reference to the same profits, income or chargeable gains by reference to which the Ukraine tax is computed;

(b) in the case of a dividend paid by a company which is a resident of Ukraine to a company which is a resident of the United Kingdom and which controls directly or indirectly at least 10 per cent of the voting power in the company paying the dividend, the credit shall take into account (in addition to any Ukraine tax for which credit may be allowed under the provisions of sub-paragraph (a) of this paragraph) the Ukraine tax payable by the company in respect of the profits out of which such dividend is paid.

(2) United Kingdom tax payable under the laws of the United Kingdom and in accordance with this Convention, whether directly or by deduction, on profits, income or chargeable gains from sources within the United Kingdom (excluding in the case of a dividend, tax payable in the United Kingdom in respect of the profits out of which the dividend is paid) shall be allowed as a credit against any Ukraine tax computed by reference to the same profits, income or chargeable gains by reference to which the United Kingdom tax is computed.

(3) For the purposes of paragraphs (1) and (2) of this Article, profits, income and capital gains owned by a resident of a Contracting State which may be taxed in the other Contracting State in accordance with this Convention shall be deemed to arise from sources in that other Contracting State.